The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the National Pension Commission (PenCom) have recovered more than N3 billion in unremitted pension contributions from defaulting employers, strengthening the retirement savings of affected workers.
PenCom disclosed the recovery in a statement issued on Wednesday, saying the funds had been fully credited to the Retirement Savings Accounts (RSAs) of affected employees in accordance with the provisions of the Pension Reform Act (PRA) 2014.
According to the commission, the recovery was achieved through a joint enforcement initiative between PenCom and the ICPC aimed at addressing pension contribution defaults and safeguarding workers’ retirement benefits.
“The Independent Corrupt Practices and Other Related Offences Commission and the National Pension Commission have recovered over N3bn in unremitted pension contributions from employers,” the statement said.
PenCom explained that the recovered funds came from employers in the electricity sector who had failed to remit pension deductions as required by law.
“The recovered funds, obtained from defaulting employers in the electricity sector, have been fully remitted into the respective Retirement Savings Accounts of affected employees in accordance with the provisions of the Pension Reform Act 2014,” it stated.
The commission said the recovery demonstrates the effectiveness of its partnership with the anti-corruption agency in compelling employers to meet their statutory pension obligations.
“The recovery demonstrates the effectiveness of the partnership between PenCom and ICPC in enforcing compliance with the PRA 2014 and ensuring that employers fulfil their statutory pension obligations,” it added.
PenCom recalled that it signed a Memorandum of Understanding with the ICPC in October 2025 to strengthen cooperation in recovering unremitted pension contributions, investigating pension-related infractions, and enforcing compliance with the Pension Reform Act.
The commission disclosed that the ICPC is currently investigating several private-sector employers referred by PenCom for alleged violations of the pension law and expressed confidence that further recoveries would be made as the investigations progress.
“The ICPC is currently investigating several private-sector employers referred by PenCom for non-compliance with the PRA 2014. With the ongoing collaboration, additional recoveries would be achieved as the investigations progress,” the commission said.
PenCom reminded employers that the Pension Reform Act requires pension contributions deducted from employees’ salaries to be remitted into their Retirement Savings Accounts within seven working days of salary payment.
It warned that failure to comply constitutes a breach of the law and attracts sanctions, including the recovery of outstanding contributions, financial penalties, and, where necessary, prosecution.
The commission urged employers, particularly those in the private sector, to regularise outstanding pension remittances and comply fully with the provisions of the Act to avoid enforcement action.
PenCom reaffirmed its commitment to protecting workers’ retirement savings by ensuring that pension contributions deducted from employees’ salaries are remitted promptly into their Retirement Savings Accounts.
